All Forum Posts by: Marc Sanders

I like the insight, Denise. 

they contacted me saying basically the same thing. Banks do these things the way they do it for a reason... If it were legit they'd require you to provide income verification, require proof of what your going to use the money on... Not for me. 

Warren,

Just down the road from you. I've got a new construction student housing project I'm planning. I'm looking for someone to do something in Belhaven / Fondren area. We should grab a cup of coffe if you're interested. 

Marc

Paul Brown AffordableLendingGroup.com
Nason Williams http://lendtheway.com/nasonwilliams

Blair Chandler https://lo.primelending.com/schandler

Wilson,

It's not normal, but if you need to do it to get the deal done, sometimes you gotta do what you need to do. I'd treat it like an AirBnB where you are renting by the day for a certain amount (even if it's $1) to be treated legally. Get everything in writing so it's clear you expect her to leave in 11 days.  I've had a lot of experience in South Jackson and I literally pay tenants to leave the house clean ($150 if it's spotless) to encourage responsibility. That may be what you get out of the deal... She needs to leave the house spotless to stay there. But, again, get everything written down, or you are wide open. 

Marc

Numbers work well for building a duplex on a site within 10 minute walk of a medical/dental school and 5 minute walk to two other private colleges. Do not have the 20% - 25% needed for conventional financing. Looking for ideas on how to get project funded. In a perfect world, my end game is owning the building without partners. Here's what I'm thinking so far: Private Source (most likely someone only interested in an ROI and doesn't want to be in the real estate business) agrees to fund the project, at the same time, giving me an option to purchase the building back at a specified point in the future (3-4 years) at a specified price (calculated by adding an annual 2% growth to the cost of construction). Private Source has exclusive rights to proceeds/disbursements up to 8% of initial cost of construction is reached each year (after which proceeds are split with me 50/50) and all right offs until I execute the option to purchase. In theory, all the Private Funding Source would have to do is deposit checks until I purchased the building four years down the road. I will utilize the income stream for the valuation used to purchase the property. In a perfect world, Private Source's annual return is at least 10% (8% from rent proceeds and 2% annual increase on the cost of construction). No boundaries... All thoughts or Ideas are welcomed!

Numbers work well for building a duplex on a site within 10 minute walk of a medical/dental school and 5 minute walk to two other private colleges. Do not have the 20% - 25% needed for conventional financing. Looking for ideas on how to get project funded. In a perfect world, my end game is owning the building without partners. Here's what I'm thinking so far: Private Source (most likely someone only interested in an ROI and doesn't want to be in the real estate business) agrees to fund the project, at the same time, giving me an option to purchase the building back at a specified point in the future (3-4 years) at a specified price (calculated by adding an annual 2% growth to the cost of construction). Private Source has exclusive rights to proceeds/disbursements up to 8% of initial cost of construction is reached each year (after which proceeds are split with me 50/50) and all right offs until I execute the option to purchase. In theory, all the Private Funding Source would have to do is deposit checks until I purchased the building four years down the road. I will utilize the income stream for the valuation used to purchase the property. In a perfect world, Private Source's annual return is at least 10% (8% from rent proceeds and 2% annual increase on the cost of construction). No boundaries... All thoughts or Ideas are welcomed!